SocGen swings to Q4 loss, pledges cost savings

PARIS Wed Feb 13, 2013 1:03am EST

Related Topics

PARIS Feb 13 (Reuters) - French bank Societe Generale swung to a loss in the fourth quarter on the back of euro-zone weakness and one-off charges and pledged to further cut costs over the next three years.

France's No. 2 listed bank racked up a quarterly net loss of 476 million euros ($641 million), it said on Wednesday, compared with a net profit of 100 million for the year-ago period.

Analysts had been expecting a loss closer to 237 million euros, according to a Reuters poll of eight analyst estimates. ($1 = 0.7427 euros) (Reporting by Lionel Laurent; Editing by James Regan)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.